Dubai Culture signes agreement with Commercial Bank of Dubai

Dubai Culture Authority has signed a partnership agreement with Commercial Bank of Dubai (CBD) so that owners of creative small and medium-sized enterprises (SMEs) can benefit from the bank’s smart banking solutions, meet their financing needs and grow their businesses. As such, CBD has become the first bank in Dubai to offer services and benefits exclusively for the creative community and talent. This is in line with Dubai Culture’s strategy of supporting creative talent and industries to strengthen the creative economy in the emirate and cement the UAE’s position as the creative economy capital of the world.

As part of the agreement with CBD, owners of creative small and medium-sized businesses in the emirate will be able to open a business account quickly and easily without having to maintain a minimum balance. The business account provides users with a free debit card, unique digital cash management products and services, dedicated account managers, financing services, fast and easy business loans with a special 50% discount on loan transaction fees, and a number of innovative asset-based lending solutions. In addition, customers can receive a free checkbook and take advantage of preferential rates for local and international transfers and foreign currency. Registered SME Creative Members at Dubai Culture can also apply for a free lifetime business credit card from the bank with a credit limit of up to AED 250,000, free online banking and other real-time transaction options.

Her Excellency Hala Badri, CEO of Dubai Culture, affirmed that the Authority is constantly working to strengthen strategic public-private partnerships in the emirate, supporting the creative community and providing opportunities for owners of new and innovative creative projects.

Amit Malhotra, general manager of CBD’s personal banking group, said: “We are proud to partner with Dubai Culture to help creative SME owners get the financial support they need to accelerate the growth of their businesses, ensuring the emirate’s creative sector grows and thrives. Through this partnership, we are pleased to offer creative entrepreneurs registered with Dubai Culture a seamless and instant banking experience, complemented by tailored solutions, including exclusive financial options, to meet their business needs. We are confident that this agreement will help foster creative talent and boost the emirate’s creative economy.”

CBD will offer exclusive financing options to creative entrepreneurs, including unsecured loans of up to AED 2 million, with flexible repayment options of up to 48 months, low interest rates and quick approval within 48 hours of application. Benefits also include fast business loans for retailers, online retailers and service providers secured against the proceeds of their point of sale (POS) with a funding amount of up to AED 1 million. Loan repayments are easily repaid in monthly installments from point-of-sale revenue.

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